Revibe Secures $7M in Series A Funding
Deal News | Dec 18, 2024 | Aim Group
Revibe, a UAE-based marketplace specializing in refurbished electronics, has successfully raised $7 million in a Series A funding round, with ISAI and Resonance leading the investment. Since its inception in 2022 by founders Abdessamad Benzakour and Hamza Iraqui, Revibe has expanded beyond its initial focus on smartphones and laptops to include smartwatches and video game consoles. Operating in markets such as Saudi Arabia, Kuwait, and South Africa, the company offers a range of customer benefits including a 12-month warranty, AI-driven customer support, and a ten-day returns policy. Revibe, which has already sold over 80,000 devices, aims to continue leveraging its robust quality assurance protocols and competitive pricing, delivering devices at 30% to 70% below retail value. Co-founder Iraqui emphasizes the strong revenue growth and strategic positioning to address needs in emerging markets.
Sectors
- Electronics & Technology
- E-commerce
- Sustainability
Geography
- United Arab Emirates – Revibe is based in the UAE and is an integral part of the region's growing tech and sustainability sectors.
- Saudi Arabia – One of the key markets where Revibe operates, indicative of the company's regional expansion strategy.
- Kuwait – Another market for Revibe, showing its continued expansion across the Middle East.
- South Africa – Part of Revibe's operational geography, demonstrating the company's reach into the African market.
Industry
- Electronics & Technology – Revibe operates within the electronics sector, focusing on refurbished products across various categories.
- E-commerce – As an online marketplace, Revibe is part of the e-commerce industry, facilitating the sale of refurbished electronics.
- Sustainability – Revibe's focus on refurbished electronics contributes to sustainability, reducing e-waste and promoting environmentally-friendly consumer habits.
Financials
- $7,000,000 – The total funding raised in the Series A round by Revibe.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Revibe | Target Company | Company | A marketplace for refurbished electronics launched in 2022, operating in the UAE, Saudi Arabia, Kuwait, and South Africa. |
| ISAI | Investor | Company | A firm that led the series A funding round for Revibe, indicating its active involvement in venture capital. |
| Resonance | Investor | Company | A co-investor in Revibe's Series A funding, contributing to the $7M raised. |
| Abdessamad Benzakour | Founder | Person | Co-founder of Revibe, involved in strategic oversight and business development. |
| Hamza Iraqui | Founder | Person | Co-founder of Revibe, instrumental in expanding the company's market reach. |